Time is valuable, especially when managing dozens of rental properties in Duluth. Good tenants are also incredibly important, but finding them takes time.
There is a solution that frees up your time while finding you great tenants: leasing only service.
This service is highly valuable to many rental properties. Are you interested in learning more? Continue reading to learn the basics of leasing only services.
It's a Specialized Service
There are multiple types of property management services. Leasing only is one of many property management options, but it's a specialized service.
This means it includes one primary duty: finding tenants. It doesn't include rental management or maintenance, nor does it include other duties such as rental property accounting tasks.
Leasing only services are ideal for landlords who need help:
- Finding better tenants
- Decreasing vacancy rates
- Increasing rental income
You can hire this for these reasons and others. In fact, hiring a leasing only service is one of the best tips for first-time landlords.
What It Includes
Leasing only services involve several property management strategies but have two primary goals:
- Find the best tenants
- Keep units occupied
To accomplish this, property management firms handle numerous steps. The first is rental property marketing. They post ads to spread the word about vacancies.
Next, they handle the property showings and applications. The firm reviews the applications and performs screenings. The goal is to find tenants with good characteristics, such as high credit scores.
The firm also handles the lease agreements. They give them to the new tenants and make sure the tenants sign them.
Finally, they collect the rental payment and security deposit and hand the keys to the new tenant.
The Benefits It Offers
As you can imagine, this service provides many benefits for landlords. The first is less stress. Being a landlord is stressful, and you might want to reduce the effects of stress by hiring a company to relieve your duties.
Secondly, you'll have better tenants. This is the primary duty of leasing only services. The companies offering these services are experts at screening and finding the best tenants.
Great tenants reduce your workload and increase your revenue. Therefore, finding the best ones should be one of your top goals.
Next, the firm will help you reduce your vacancy rate. A vacant apartment equivocates to lost income. If you need a way to boost your income, focus on decreasing your vacancy rates.
Hire a Leasing Only Service to Relieve Your Duties
A leasing only service is ideal for busy rental property owners. You might benefit from it if you don't have time to handle every aspect of your business. It's also great for landlords who want higher-quality tenants.
If you need help, turn to us for property management services.
PMI Lakeshore is a full-service property management firm with decades of experience in the property management industry. We focus on providing excellent services to property owners to help them maximize their income.
Get in touch with us to learn more about our services and options.
